It's even better in English | Bleader

Tuesday, June 24, 2008

It's even better in English

Posted By on 06.24.08 at 12:47 PM

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In a recent comment on a blog post, Paul N. Keller, one of my favorite TIF attorneys, suggested that I haven't read the state's TIF act.

Oh my god, that is just, like, so not true. The state's TIF act is one of my favorite reads. I keep a copy of it by my bed and read a passage every night before I go to sleep. It's terse, transparent, and immediately comprehensible to anyone with even a rudimentary understanding of English.

Plus, it's riveting. Sometimes after I turn off my light, I lie in bed and play back its words in my mind. Here's just one of my favorite passages randomly selected from this work of art:

"'Payment in lieu of taxes' means those estimated tax revenues from real property in a redevelopment project area derived from real property that has been acquired by a municipality which according to the redevelopment project or plan is to be used for a private use which taxing districts would have received had a municipality not acquired the real property and adopted tax increment allocation financing and which would result from levies made after the time of the adoption of tax increment allocation financing to the time the current equalized value of real property in the redevelopment project area exceeds the total initial equalized value of real property in said area."

Wait, wait -- there's more . . .

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